DOVER, Del. (AP) — Tribune Co. won court approval to emerge from Chapter 11 bankruptcy protection, more than four years after a leveraged buyout left the media company with unsustainable debt.
U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., on Friday overruled outstanding objections by various creditors to the plan, which leaves Tribune in the hands of a new ownership group led by hedge fund Oaktree Capital Management, JPMorgan Chase and Angelo, Gordon & Co., a firm that invests in troubled companies. Carey said that once final revisions to the plan are made, he will confirm it.
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